NUGT vs. DUST

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Gold Miners Bear 2X Shares (DUST).

NUGT and DUST are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NUGT is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (300%). It was launched on Apr 1, 2020. DUST is a passively managed fund by Direxion that tracks the performance of the NYSE Arca Gold Miners Index (-300%). It was launched on Apr 1, 2020. Both NUGT and DUST are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NUGT vs. DUST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Gold Miners Bear 2X Shares (DUST). The values are adjusted to include any dividend payments, if applicable.

NUGT vs. DUST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NUGT Direxion Daily Gold Miners Bull 2X Shares	11.72%	425.05%	2.89%	2.60%	-32.10%	-26.31%	-60.16%	100.73%	-44.52%	3.73%
DUST Direxion Daily Gold Miners Bear 2X Shares	-37.04%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-85.75%	-75.11%	-3.27%	-51.00%

Returns By Period

In the year-to-date period, NUGT achieves a 11.72% return, which is significantly higher than DUST's -37.04% return. Over the past 10 years, NUGT has outperformed DUST with an annualized return of -0.92%, while DUST has yielded a comparatively lower -58.91% annualized return.

NUGT

• 1D: 8.90%
• 1M: -33.79%
• YTD: 11.72%
• 6M: 30.46%
• 1Y: 233.84%
• 3Y*: 71.95%
• 5Y*: 29.87%
• 10Y*: -0.92%

DUST

• 1D: -9.22%
• 1M: 30.85%
• YTD: -37.04%
• 6M: -55.84%
• 1Y: -86.70%
• 3Y*: -63.51%
• 5Y*: -51.99%
• 10Y*: -58.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NUGT vs. DUST - Expense Ratio Comparison

NUGT has a 1.23% expense ratio, which is higher than DUST's 1.07% expense ratio.

NUGT

Direxion Daily Gold Miners Bull 2X Shares

DUST

Direxion Daily Gold Miners Bear 2X Shares

Return for Risk

NUGT vs. DUST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NUGT

NUGT Risk / Return Rank: 92
NUGT Sharpe Ratio Rank: 96
NUGT Sortino Ratio Rank: 88
NUGT Omega Ratio Rank: 88
NUGT Calmar Ratio Rank: 95
NUGT Martin Ratio Rank: 93

DUST

DUST Risk / Return Rank: 1
DUST Sharpe Ratio Rank: 1
DUST Sortino Ratio Rank: 0
DUST Omega Ratio Rank: 0
DUST Calmar Ratio Rank: 0
DUST Martin Ratio Rank: 2

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NUGT vs. DUST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Gold Miners Bear 2X Shares (DUST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NUGT	DUST	Difference
Sharpe ratio Return per unit of total volatility	2.57	-0.94	+3.51
Sortino ratio Return per unit of downside risk	2.51	-2.49	+4.99
Omega ratio Gain probability vs. loss probability	1.37	0.74	+0.63
Calmar ratio Return relative to maximum drawdown	4.31	-0.95	+5.26
Martin ratio Return relative to average drawdown	13.80	-1.29	+15.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUGT vs. DUST - Sharpe Ratio Comparison

The current NUGT Sharpe Ratio is 2.57, which is higher than the DUST Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of NUGT and DUST, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NUGT	DUST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	-0.94	+3.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	-0.74	+1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	-0.66	+0.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.32	-0.51	+0.19

Correlation

The correlation between NUGT and DUST is -1.00. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

NUGT vs. DUST - Dividend Comparison

NUGT's dividend yield for the trailing twelve months is around 0.27%, less than DUST's 10.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
NUGT Direxion Daily Gold Miners Bull 2X Shares	0.27%	0.22%	1.79%	1.67%	0.70%	0.00%	0.00%	0.63%	0.57%
DUST Direxion Daily Gold Miners Bear 2X Shares	10.36%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%

Drawdowns

NUGT vs. DUST - Drawdown Comparison

The maximum NUGT drawdown since its inception was -99.97%, roughly equal to the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NUGT and DUST.

Drawdown Indicators

	NUGT	DUST	Difference
Max Drawdown Largest peak-to-trough decline	-99.97%	-100.00%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-53.58%	-91.57%	+37.99%
Max Drawdown (5Y) Largest decline over 5 years	-73.79%	-98.68%	+24.89%
Max Drawdown (10Y) Largest decline over 10 years	-96.91%	-99.99%	+3.08%
Current Drawdown Current decline from peak	-99.74%	-100.00%	+0.26%
Average Drawdown Average peak-to-trough decline	-91.43%	-83.16%	-8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.75%	67.24%	-50.49%

Volatility

NUGT vs. DUST - Volatility Comparison

Direxion Daily Gold Miners Bull 2X Shares (NUGT) and Direxion Daily Gold Miners Bear 2X Shares (DUST) have volatilities of 33.96% and 33.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NUGT	DUST	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.96%	33.98%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	77.66%	73.95%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	91.60%	92.04%	-0.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.75%	70.89%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.98%	89.17%	+0.81%